Market Report
Below is a current report from Suntrust:
Market update
Rates ended the week about .125 lower on fixed rates and .375 lower on ARMs, although rates are poised to go up on the better-than expected jobs report this morning.
For a prime borrower (20% down, excellent credit scores, purchasing a primary residence with a quick closing) the FNMA 30-year fixed-rate is at 5.375 with 1.375 total points/origination (APR 5.916) or at 6.125 with zero points/origination fee (APR 6.144).
If you don’t have 20% to put down and/or have credit scores below 720 they may find the pricing on the FHA 30-year fixed more attractive, currently 6.0 with .625% total origination fee (6. 207 APR).
Next week will be fairly quiet in terms of economic releases. The NAR reports pending home sales on Wednesday. The 10-year Treasury note auction announced last week happens Wednesday. Weekly jobless claims are reported Thursday, and we have wholesale and international trade data Thursday and Friday. Rates are attractive, sales prices are attractive- what are you buyers waiting for?
